Trump suddenly announced that he was strongly considering imposing large-scale sanctions on Russia in order to promote a peaceful agreement between Russia and Ukraine as soon as possible. Since the US-Russia negotiations, the world seems to have seen the dawn of peace, but in fact, a bigger conspiracy is brewing. After the US withdrew, France said it would strongly support Ukraine to continue fighting and consider providing a nuclear umbrella to Europe. The world has not become peaceful, but more complicated. Even if Russia and Ukraine cease fire, it does not mean that the global geopolitical situation has eased. Non-agricultural data did not push gold out of the current range of fluctuations. Last week, after gold rebounded and broke through 2900, the nature of the rebound had changed. It is currently hanging at a high level. Although it has not broken through the previous high, it has never fallen below the key support of the 2890-2900 area. At present, both bullish and bearish are correct, and the direction is not clear for the time being. Therefore, on Thursday and Friday last week, I gave a high-level fluctuation and range-based high-sell and low-buy operation strategy. In the general direction, gold is undoubtedly still bullish. Don't worry about the fact that it has not broken through the previous high of 2955. If it breaks, it will only take a moment. The rebound from 2832 directly hit 2930. The downward trend itself has gone bad. Such a strong rebound is no longer a rebound in the process of decline, but a bottoming out and rebound. Therefore, the nature of the current market is an upward trend that started with 2832 as the starting point. It is currently fluctuating around the high range of 2930-2890. It is just an upward correction, not a rebound. Next, the 2900-2890 area is support, and gold continues to be bullish.
Daily operation plan:
Focus on going long near the support near 2900. The short-term intraday trend is still in the range. Once it rises to the resistance area near 2930, you can choose to reduce your position or leave the market at a high level. In the general direction of the band, rely on the 2900-2890 area to intervene in long orders, and look to break through 2930 and create a new high.
"What do you think of today's sharp fluctuations in gold? Share your views in the comments section!"
Daily operation plan:
Focus on going long near the support near 2900. The short-term intraday trend is still in the range. Once it rises to the resistance area near 2930, you can choose to reduce your position or leave the market at a high level. In the general direction of the band, rely on the 2900-2890 area to intervene in long orders, and look to break through 2930 and create a new high.
"What do you think of today's sharp fluctuations in gold? Share your views in the comments section!"
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.